  |    |
        |
 |
 | ||
| |||
 |  | |
| ||
|  | |
| ||
|  | |
| ||
| ||
|  | |
| ||
 |  | |
| · | News Releases |
| · | Multimedia Centre |
| · | Virtual Press Kits |
| · | Fact Sheets |
| · | FAQ |
| · | Contact the Newsroom |
| ||
|  | |
| ||
|  | |
| ||
Manulife USA Hosts Teleconference with Industry Experts on Final Split Dollar Regulations -- Larry Brody, Stephan Leimberg, and Manulife’s Randy Zipse discuss and answer questions on tax implications of new regulations -- Boston (September 24, 2003) - Continuing to educate advisors about topics of importance to them and their clients, The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) hosted a teleconference with leading authorities on life insurance in estate and business planning. During the call, industry experts Larry Brody, Stephan Leimberg, and Randy Zipse, Manulife USA Senior Counsel of Advanced Markets for Insurance, addressed the final regulations recently handed down by the IRS/Treasury Department, identifying key issues and discussing the tax implications these regulations may have for clients using life insurance for business or estate planning purposes. Zipse opened the call by welcoming the almost 800 listeners and thanking Brody and Leimberg for their participation. “Manulife is pleased to host the first teleconference on the topic of these final regulations and to have as speakers two of the industry’s top experts in this field,” said Mr. Zipse. “By holding this teleconference just days after the final regulations were announced, we hope to provide advisors with the timely information they need to best serve their clients.” The discussion began with an overview of the various changes in regulations over the past several years, leading up to the new rules, which came out on September 11. Although the final regulations mimic the tone and operation of the previous proposed regulations, making formal ownership of the life insurance policy the primary determinate in taxation, the speakers made clear the finer points of the new rules, as well as the implications these rules may have on plans created both prior to and after this week’s deadline. Particularly of note was the fact that, contrary to the expectations of many, the final regulations did not extend the grandfathering period past the end of 2003. “One purpose of this call was to stress to financial advisors the importance of reviewing all of their plans—especially those in which significant equity has accumulated—immediately in light of these final regulations,” said Mr. Zipse. “We also want advisors to be wary of any changes they may make in existing policies, which, under the final regulations, could be considered material and thereby alter their clients to post-regulations status.” Following the formal discussion of the regulations, listeners were invited to submit questions to be answered by the expert panel. Questions were posed on such topics as grandfathering, the future relevance of second to die split dollar arrangements, and the importance of switch dollar in estate and business planning. To help answer any future questions that may arise, a summary of the regulations, provided by Leimberg Information Services, has been made available on the SalesNet portal of www.manulife.com/usinsurance. About the Speakers A practicing attorney, Mr. Brody is also an adjunct professor of estate planning at Washington University School of Law. He is a frequent lecturer and author of numerous books on estate and employee benefit planning and widely regarded as an expert on split-dollar arrangements. In addition, Mr. Brody is a member of the American College of Trust and Estate Counsel, the American College of Tax, and the Phillip E. Heckerling Institute of Estate Planning at the Miami School of Law. A noted lecturer and estate and tax planning expert, Mr. Leimberg is the creator of numerous tools designed to educate industry professionals about a variety of financial planning topics. Through his lectures, software packages such as NumberCruncher, e-mail newsletter and database services such as LISI, and his many books, including The Tools and Techniques of Charitable Planning, Mr. Leimberg offers expert commentary and important information for financial services professionals. As the Senior Counsel of Estate and Business Planning for Manulife USA’s Insurance division, Mr. Zipse is responsible for Manulife’s Advanced Markets group, which provides estate and business planning support to Manulife’s home office employees, field personnel, and producers. Mr. Zipse has written numerous articles on trust taxation, estate planning, and business succession planning, which have appeared in a variety of industry trade publications. Mr. Zipse co-authored The Tools and Techniques of Charitable Planning with Mr. Leimberg. About Manulife Manulife USA is committed to offering the highest quality life insurance, pension, and individual wealth management products to its clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its extensive product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife USA is dedicated to providing quality products designed to help create and preserve wealth for its clients. Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were US$106.5 billion (Cdn$144.3 billion) as at June 30, 2003. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com -30- Media Contact: Heather Randolph Carter U.S. Communications 617-854-4348 |
|
